The US Dollar (USD) could continue to trade in a range, likely between 7.0530 and 7.0930. In the longer run, current price movements are likely part of a range trading phase; USD is likely to trade between 7.0300 and 7.1200, UOB Group Quek Ser Leang and Peter Chia note.

USD may fall towards 7.0530

24-HOUR VIEW: “We expected USD to trade in a 7.0590/7.0800 range yesterday. While USD traded in a wider range between 7.0466 and 7.0846, it closed little changed at 7.0745 ( 0.03%). There has been no increase in either upward or downward momentum, and USD could continue to trade in a range today, likely between 7.0530 and 7.0930.”